For a systemic bank, replacing its management is not as straightforward as it might seem: it requires the approval of the relevant supervisory authorities, in this case the ECB for the state bank Spuerkeess (BCEE). Spuerkeess must now find a replacement for its current chief executive Françoise Thoma who, against the backdrop of the Caritas scandal, decided to step down from her post to become a strategic adviser to the board of directors.

When the financial institution announced its results on Wednesday 22 April, Camile Fohl, chairman of the board of directors, sidestepped the question of who would succeed the current acting chief executive. He said he had received “several high-quality applications” but added that a decision would not be made any time soon, “not least because of the lengthy appointment procedures for a systemically important bank”.

From Banque de Luxembourg

According to our colleagues at Reporter, it would appear that, of all the high-calibre candidates, it is Benoît Elvinger, who has been shortlisted and put forward to the Frankfurt-based institution. This Luxembourg national has been a member of the Executive Committee of Banque de Luxembourg since 2015, where he is responsible for trading and financing activities. He is also a member of the Board of Directors of the Luxembourg Stock Exchange, where he sits alongside Françoise Thoma, who is the vice-chair.

Elvinger holds a Master’s degree from Paris-Panthéon-Assas University and an MBA from the Darden School of Business at the University of Virginia (UVA).